March 2, 2024
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OIL & GAS RENEWABLE ENERGY

European Leaders Urge African Leaders to Promote Investment Opportunities in Oil and Gas

European leaders and major players in the oil and gas industry, have said that Nigerian leaders as well as other African leaders of oil producing countries, have a lot to do in promoting investment opportunities in rhe energy sector.

This was stated by some stakeholders, the Project Sales Manager of Grupo Cunado, Jason Hueske, and the Managing Director, of Global LNG Commodities and Global Markets, Macquarie Group Limited, Michael Bennett at the Americas Energy Summit 2024 in New Orleans, USA.

They acknowledged that Nigeria and other oil rich African countries, are seeking investments that would enable them to achieve just energy transition by 2060.

As gathered by the Whistler, Nigeria has over 308 trillion cubic feet (TCF) of proven gas, however, it needs more investment from International Oil Companies (IOCs) and financing from international lenders to develop its gas reserves.

Jason Hueska said there is need for Nigeria to put in more efforts to create a better impression that will attract more investments in the oil and gas sector.

“A lot of the IOC and lenders do not understand the Nigerian terrain. Some of them hear only bad news on how difficult it is to operate and invest their resources in the Nigerian market.

“A lot of them have interest but are not properly informed about the market. So, if your leaders can ramp up efforts in creating awareness in the US where there are big investors and in Europe, I think investments will start coming to Africa.

“African leaders need to promote the available opportunities and sell a good image.” He said.

Other stakeholders also agreed that if Nigeria, and other African governments improve on their policies, there will be better financing in thier energy sector.

 

 

 

 

 

 

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